DREAM'S construct
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 31 days after the deadline Filed on 31 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00466178.
Annual accounts 2025 filed on 31-08-2026 at the NBB all 8 filings
Turnover
≈ €370,000
Estimated: probably between €260,000 and €650,000
Total assets
€283,249▼ 2.2%
2024 · €289,549
Net result
-€20,648
2024 · €20,194
Working capital
€50,202▼ 58.1%
2024 · €119,840
Multi-year overview
2018 to 2025, 7 financial yearsOperating result
-€17,916
2025
20182025
Net result
-€20,648
2025
lowest quarter of the sector
20182025
Equity
€110,603
▼ 33.5%
2025
middle half of the sector
20182025
Total assets
€283,249
▼ 2.2%
2025
middle half of the sector
20182025
Debt
€172,646
▲ 40.0%
2025
20182025
Working capital
€50,202
▼ 58.1%
2025
middle half of the sector
20182025
Solvency
39.0%
▼ 18.4pp
2025
middle half of the sector
20182025
Current ratio
1.39
▼ 1.20
2025
middle half of the sector
20182025
Return on assets (ROA)
-7.3%
▼ 14.3pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2018201920202022202320242025
Operating result€36,637-€62,695▲ 71.1%€11,300▼ 82.0%€26,161--€3,803€31,549-€17,916
Net result€21,592-€53,840▲ 149%€8,047within the sector's middle half▼ 85.1%€21,732within the sector's middle half--€8,581below the sector's middle half€20,194within the sector's middle half-€20,648below the sector's middle half
Equity€61,878-€85,718▲ 38.5%€93,766within the sector's middle half▲ 9.4%€154,638above the sector's middle half-€146,057above the sector's middle half▼ 5.5%€166,251above the sector's middle half▲ 13.8%€110,603within the sector's middle half▼ 33.5%
Total assets€66,734-€106,156▲ 59.1%€125,082within the sector's middle half▲ 17.8%€329,146above the sector's middle half-€352,425above the sector's middle half▲ 7.1%€289,549within the sector's middle half▼ 17.8%€283,249within the sector's middle half▼ 2.2%
Debt€4,856-€20,438▲ 321%€31,316▲ 53.2%€174,508-€206,369▲ 18.3%€123,298▼ 40.3%€172,646▲ 40.0%
Working capital€59,927-€74,019▲ 23.5%€87,328above the sector's middle half▲ 18.0%€140,494above the sector's middle half-€97,066above the sector's middle half▼ 30.9%€119,840above the sector's middle half▲ 23.5%€50,202within the sector's middle half▼ 58.1%
Solvency92.7%-80.7%▼ 12.0pp75.0%above the sector's middle half▼ 5.8pp47.0%within the sector's middle half-41.4%within the sector's middle half▼ 5.5pp57.4%within the sector's middle half▲ 16.0pp39.0%within the sector's middle half▼ 18.4pp
Current ratio13.34-4.62▼ 8.723.79above the sector's middle half▼ 0.832.72within the sector's middle half-1.71within the sector's middle half▼ 1.002.59within the sector's middle half▲ 0.871.39within the sector's middle half▼ 1.20
Return on assets (ROA)32.4%-50.7%▲ 18.4pp6.4%within the sector's middle half▼ 44.3pp6.6%within the sector's middle half--2.4%below the sector's middle half▼ 9.0pp7.0%within the sector's middle half▲ 9.4pp-7.3%below the sector's middle half▼ 14.3pp
Staff (FTE)0.2-
above
within
below
The sector band is the middle half of the companies in Construction of residential and non-residential buildings (NACE 41). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is a loss of €17,916, after a profit of €31,549 in 2024. It is the lowest result since 2020.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €283,249
Fixed assets
€103,719 ▲ 10.0%
Current assets
€179,530 ▼ 8.1%
Equity and liabilities €283,249
Equity
€110,603 ▼ 33.5%
Debt
€172,646 ▲ 40.0%
Debt's share of the balance-sheet total rises from 42.6% to 61.0%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€21,677▼
2024 · €62,605
Cash flow
€18,945▼
2024 · €51,251
Quick ratio
1.27▼
2024 · 2.19
Debt to equity
1.56▲
2024 · 0.74
ROE
-18.7%▼
2024 · 12.1%
Interest coverage
6.01▼
2024 · 15.40
Debt ≤ 1 year
€129,329▲
2024 · €75,429
Debt > 1 year
€43,317▼
2024 · €47,869
Income taxes
€132▼
2024 · €7,289
Staff costs
€35,339▲
2024 · €31,820
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €112,888 | €42,224 | €5,795 | €49,031 |
| Depreciation and write-downs of the year | €13,322 | €29,571 | €31,056 | €39,592 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €25,305 | €33,282 | €31,820 | €35,339 | ▲ 11.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,668 | €4,251 | €6,056 | €13,322 | €29,571 | €31,056 | €39,592 | ▲ 27.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €1,765 | - | - | - | - |
| Other operating charges640/8 | - | - | - | €2,252 | €1,024 | €3,966 | €1,818 | ▼ 54.2% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €12,804 | - |
| Gross operating margin9900 | €46,727 | €98,402 | €29,063 | €68,804 | €60,075 | €98,392 | €71,638 | ▼ 27.2% |
| Operating profit (loss)9901 | €36,637 | €62,695 | €11,300 | €26,161 | -€3,803 | €31,549 | -€17,916 | - |
| Financial income75/76B | - | - | - | €3,911 | €0 | - | €1,007 | - |
| Recurring financial income75 | - | €10 | €5 | €3,911 | €0 | - | €1,007 | - |
| Financial charges65/66B | - | - | - | €5,626 | €4,010 | €4,066 | €3,607 | ▼ 11.3% |
| Recurring financial charges65 | €772 | €213 | €374 | €5,626 | €4,010 | €4,066 | €3,607 | ▼ 11.3% |
| Profit (loss) for the period before taxes9903 | €32,563 | €62,492 | €10,931 | €24,445 | -€7,813 | €27,483 | -€20,516 | - |
| Income taxes67/77 | €10,971 | €8,652 | €2,884 | €2,713 | €768 | €7,289 | €132 | ▼ 98.2% |
| Profit (loss) for the period9904 | €21,592 | €53,840 | €8,047 | €21,732 | -€8,581 | €20,194 | -€20,648 | - |
| Profit (loss) for the period to be appropriated9905 | €21,592 | €53,840 | €8,047 | €21,732 | -€8,581 | €20,194 | -€20,648 | - |
| Line | 2018 | 2019 | 2020 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €66,734 | €106,156 | €125,082 | €329,146 | €352,425 | €289,549 | €283,249 | ▼ 2.2% |
| Fixed assets21/28 | €1,951 | €11,699 | €6,438 | €106,888 | €119,541 | €94,280 | €103,719 | ▲ 10.0% |
| Tangible fixed assets22/27 | €1,951 | €11,699 | €5,643 | €106,093 | €118,746 | €93,485 | €102,924 | ▲ 10.1% |
| Plant, machinery and equipment23 | - | - | - | €2,467 | €8,219 | €9,908 | €11,173 | ▲ 12.8% |
| Furniture and vehicles24 | - | - | - | - | €1,377 | €127 | - | - |
| Leasing and similar rights25 | - | - | - | €103,626 | €81,048 | €58,471 | €69,893 | ▲ 19.5% |
| Other tangible fixed assets26 | - | - | - | - | €28,102 | €24,980 | €21,857 | ▼ 12.5% |
| Financial fixed assets28 | - | - | €795 | €795 | €795 | €795 | €795 | = |
| Current assets29/58 | €64,783 | €94,457 | €118,644 | €222,258 | €232,884 | €195,269 | €179,530 | ▼ 8.1% |
| Stocks and contracts in progress3 | - | - | - | - | €40,000 | €30,000 | €15,000 | ▼ 50.0% |
| Contracts in progress37 | - | - | - | - | €40,000 | €30,000 | €15,000 | ▼ 50.0% |
| Amounts receivable within one year40/41 | €53,974 | €64,320 | €97,435 | €125,233 | €184,986 | €96,522 | €124,268 | ▲ 28.7% |
| Trade receivables40 | - | - | - | €56,924 | €178,978 | €64,315 | €116,336 | ▲ 80.9% |
| Other amounts receivable41 | - | - | - | €68,310 | €6,008 | €32,207 | €7,932 | ▼ 75.4% |
| Cash at bank and in hand54/58 | €10,809 | €30,137 | €17,112 | €83,702 | €5,046 | €56,560 | €21,691 | ▼ 61.6% |
| Deferred charges and accrued income490/1 | - | - | - | €13,322 | €2,852 | €12,187 | €18,571 | ▲ 52.4% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €66,734 | €106,156 | €125,082 | €329,146 | €352,425 | €289,549 | €283,249 | ▼ 2.2% |
| Equity10/15 | €61,878 | €85,718 | €93,766 | €154,638 | €146,057 | €166,251 | €110,603 | ▼ 33.5% |
| Contributions10/11 | €7,750 | €7,750 | - | €7,750 | €7,750 | €7,750 | €7,750 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €56,860 | €56,860 | €76,860 | €41,860 | ▼ 45.5% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | €55,000 | €55,000 | €75,000 | €40,000 | ▼ 46.7% |
| Profit (loss) carried forward14 | €52,268 | €76,108 | €84,156 | €90,028 | €81,447 | €81,641 | €60,993 | ▼ 25.3% |
| Amounts payable17/49 | €4,856 | €20,438 | €31,316 | €174,508 | €206,369 | €123,298 | €172,646 | ▲ 40.0% |
| Amounts payable after more than one year17 | - | - | - | €92,743 | €70,550 | €47,869 | €43,317 | ▼ 9.5% |
| Financial debts170/4 | - | - | - | €92,743 | €70,550 | €47,869 | €43,317 | ▼ 9.5% |
| Amounts payable within one year42/48 | €4,856 | €20,438 | €31,316 | €81,765 | €135,818 | €75,429 | €129,329 | ▲ 71.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €18,895 | €19,391 | €20,908 | €30,875 | ▲ 47.7% |
| Trade debts44 | €4,058 | €2,134 | €9,373 | €20,368 | €104,680 | €24,411 | €42,782 | ▲ 75.3% |
| Suppliers440/4 | - | - | - | €20,368 | €104,680 | €24,411 | €42,782 | ▲ 75.3% |
| Taxes, remuneration and social security45 | - | - | - | €42,502 | €10,169 | €28,409 | €19,838 | ▼ 30.2% |
| Taxes450/3 | - | - | - | €41,744 | €1,109 | €3,289 | €5,792 | ▲ 76.1% |
| Remuneration and social security454/9 | - | - | - | €758 | €9,060 | €25,120 | €14,045 | ▼ 44.1% |
| Other amounts payable47/48 | - | - | - | - | €1,578 | €1,701 | €35,834 | ▲ 21× |
| Line | 2018 | 2019 | 2020 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €21,592 | €53,840 | €8,047 | €21,732 | -€8,581 | €20,194 | -€20,648 | - |
| + Depreciation and write-downs630 | €1,668 | €4,251 | €6,056 | €13,322 | €29,571 | €31,056 | €39,592 | ▲ 27.5% |
| Operating cash flow (approximation) | €23,260 | €58,091 | €14,103 | €35,054 | €20,990 | €51,251 | €18,945 | ▼ 63.0% |
| Investment in fixed assets (approximation) | - | -€13,999 | -€795 | - | -€42,224 | -€5,795 | -€49,031 | ▼ 746% |
| Change in cash | - | €19,328 | -€13,025 | - | -€78,656 | €51,514 | -€34,869 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 6,908 companies had the same profile as DREAM'S construct has now. Two years later, 90.9% were still going and 1.1% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a small loss
90.9%
was still going
7.8%
stopped otherwise
1.1%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of DREAM'S construct itself is higher: 3.0% within 12 months. It rests on far more data about DREAM'S construct than the profile alone.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 6,908 companies, not a prediction for DREAM'S construct. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Filings with the National Bank (8)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 31-08-2026 | 2026-00466178 | |
| 31-12-2024 | micro format | 26-01-2026 | 2026-00015135 | |
| 31-12-2023 | micro format | 09-10-2024 | 2024-00502612 | |
| 31-12-2022 | micro format | 01-09-2023 | 2023-00408778 | |
| 31-12-2020 | micro format | 07-02-2022 | 2022-05100009 | |
| 31-12-2019 | micro format | 14-09-2020 | 2020-53500277 | |
| 31-12-2018 | micro format | 08-07-2020 | 2020-27600544 | |
| 31-12-2017 | micro format | 31-12-2018 | 2018-76300055 |